Turkey inks deal with South Korea on service industry, investments

SEOUL – Anadolu Agency

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Turkey has signed an agreement in the service industry and other investments with South Korea within the scope of a free trade agreement (FTA) that entered into force in 2013.

Turkey’s Economy Minister Nihat Zeybekci made speech at the signing ceremony at Lotte Hotel in Seoul. He said Turkey and South Korea represent a $2.3 trillion national income in total.

He also said they appreciate signing the deal in the service industry and other investments with South Korea.

Zeybekci indicated that these agreements will contribute to both bilateral agreements and Turkish and South Korean firms’ establishing a partnership, as well as Turkey’s collaboration with third countries around it.

“In signing the agreement, the two countries took an important step in terms of fostering their free trade. As the Economy Ministry, we are ready to sign an agreement with South Korea for a full FTA,” he said.

Zeybekci said the two countries’ trade volume amounted to about $8 billion in 2014 and added that their target is to increase the trade volume to more than $10 billion in two years. He said he believes that more South Korean companies will make investments in Turkey due to the agreement on investments.